Announcement PDF June 2024 Quarterly Report 31 July 2024 ASX Release June 2024 Quarterly Report Westgold Resources Limited (ASX: WGX / OTCQX: WGXRF – “Westgold”) is a dynamic, growth-oriented Australian gold producer. As an owner operator, we mine our orebodies with our own people and equipment, creating wealth for our shareholders, employees and communities in which we operate. $16M cash build lifts treasury to $263M Westgold Resources Limited (ASX: WGX, OTCQX: WGXRF Westgold or the Company) is pleased to report results for the period ending 30 June 2024 (Q4 FY24). Highlights Q4 FY24 gold production of 52,795oz Au @ AISC of $2,041/oz FY24 adjusted guidance achieved with gold production of 227,237oz at AISC of $2,164/oz Sixth consecutive quarter of cash build - growing closing cash and bullion position by $16M to $263M Continued safety performance improvementTotal Recordable Injury Frequency Rate (TRIFR) of 6.85 per million hours worked Final Dividend of 1.25 cent per share fully franked declared Impressive drill results across the portfolio: This announcement is authorised for release to the ASX by the Board. ■ 3.03m at 546.56g/t Au from 205m in 24GFDD022 at Fingall Flats ■ 19.21m at 6.1g/t Au from 66m NF1140GC129 at Nightfall Lode (Starlight) ■ 31.37m at 5.55g/t Au from 122m in 24BLDD064 at Bluebird ■ 11.29m at 4.3g/t Au from 45m in 24FNDD0017 at Fender ■ 24.5m at 3.31g/t Au from 543m in 22BBDD0116B at Big Bell Investor and media relations enquiries Investor Relations Kasun Liyanaarachchi | IR Manager investor.relations@westgold.com.au +61 458 564 483 Media Peter Knight | Communications Manager peter.knight@westgold.com.au +61 459 980 481 41% increase in Starlight Mineral Resource to 590koz Westgold remains debt free and fully unhedged Merger with Karora Resources to build a +400kozpa Western Australian gold producer to complete 1 August 2024 Westgold Resources Limited ASX: WGX / OTC: WGXRF ABN 60 009 260 306 westgold.com.au T: +61 8 9462 3400 E: perth.reception@westgold.com.au Level 6, 200 St Georges Terrace Perth WA 6000 / PO Box 7068 Cloisters Square WA 6850 Westgold Managing Director and CEO Wayne Bramwell commented: “We are pleased to have delivered the top end of our adjusted full year production and bottom end of our cost guidance for FY24. Guidance was adjusted in April 2024 to reflect the closure of the underperforming Paddy’s Flat mine, but was a prudent business decision, demonstrating management’s resolve to prioritise cashflow and profitability ahead of production targets. Our business continues to evolve. Balancing prudent investment and pragmatic business decisions have seen Westgold deliver its sixth consecutive quarter of positive cash build. In recognition of Westgold’s strong financial position and growing confidence in its ability to generate further positive cash flow, the Westgold Board declared a fully franked final dividend of 1.25 cents per share this quarter, culminating in a total of 2.25 cents per share in total dividends for FY24. FY25 will see business momentum continue and we expect the closure of the merger with Karora to occur tomorrow (1 August 2024). The resulting merged entity, Westgold 3.0, becomes a top 5, well-funded and unhedged Australian gold producer. As an integrated owner miner and driller with a proven record for delivering cost effective resource growth, Westgold 3.0 has enviable growth potential with multiple organic opportunities and 3,200km2 of exploration tenure across two strategic Western Australian gold districts.” Executive Summary – June Quarter Westgold added $16M in cash and bullion during the quarter, closing the quarter with $263M (see Figure 1). This marks the sixth consecutive quarter of cash build, demonstrating consistent financial performance by Westgold, with $71M built over the financial year. $104M in Cash, Bullion & Liquids build over six consecutive quarters ($M) +$71M build in FY24 +$16M 238 +$25M 263 +$9M +$21M 247 217 +$24M +$104M 192 +$9M 159 Q2 FY23 168 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Figure 1: Sixth consecutive quarter of Cash, Bullion and Liquids build ($M) Westgold produced 52,795oz in Q4 FY24 (a 1% increase on Q3 FY24) at an All-In Sustaining Cost (AISC) of $2,041/oz. Costs per ounce decreased from Q3 FY24 AISC of $2,492/oz mainly due to stockpile build-ups, the cessation of mining at Paddy’s Flat and slightly higher quarter on quarter production in Q4 FY24. June 2024 Quarterly Report 2 68,377 63,104 59,238 52,795 52,100 Gold production (oz) Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 3,041 3,137 Q4 FY24 3,493 2,721 1,780 2,888 1,935 122 122 2,245 133 Achieved gold price ($/oz) 2,492 2,041 130 AISC ($/oz) -17% 108 AISC ($M) Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Figure 2: Westgold Production (oz), Achieved Gold Price and AISC ($/oz) The Company sold 58,575 oz of gold for the quarter at an achieved gold price of $3,493/oz, generating $205M in revenue. With Westgold free of any fixed forward sales contracts, the company continues to be favourably exposed to the elevated spot prices. Westgold’s operations generated $77M of mine operating cashflows with the achieved gold price $1,452/oz over AISC. Total AISC for Q4 FY24 of $108M decreased by 7% (Q3 FY24 AISC of $130M) due to stockpile build-ups at Starlight and Big Bell, the cessation of mining at Paddy’s Flat at the end of Q3 FY24 and slightly higher quarter on quarter production. Capital expenditure during Q4 FY24 of $64M increased compared to the prior quarter (Q3 FY24 $34M). This reflects the continued investment and ramp up of the Great Fingall and Fender development projects, ongoing expansion activities at the Bluebird, Big Bell and Starlight underground mines and upgrades to processing facilities and camp infrastructure. Investment in exploration and resource development of $8M for the quarter resulted in meeting the FY24 exploration expenditure guidance of $25M (Q3 FY24 $6M). The net mine cash inflow for Q4 FY24 was $5M (refer Table 1 under Group Performance Metrics). June 2024 Quarterly Report 3 Adjusted full year guidance achieved In FY24 Westgold produced 227koz of gold at an AISC of $2,164/oz, achieving both its group production and cost guidance (see Table 1). The growth capital guidance was exceeded due to ongoing expansion activities at the Bluebird, Big Bell and Starlight underground mines and the Fender mine, after early delays during Q3, only achieving commercial production on 1 July 2024. Table 1: FY24 Group Guidance vs Actual Group Guidance vs Actual Production (oz) AISC ($/oz) Growth Capex ($M) Exploration ($M) FY24 Adjusted Guidance 220,000 – 230,000 2,100 – 2,300 130 25 FY24 Actuals 227,237 2,164 157 25 After considered assessment of options that could be fast tracked to recover lost Q3 production predominantly as a result of the closure of the Paddy’s Flat mine, the Company took the conservative approach of revising its full year FY24 production guidance on 3 April 2024 to 220,000 – 230,000 ounces at an all-in sustaining cost of $2,100 – $2,300/oz 1. Westgold merger with Karora On 8 April 2024, Westgold and Karora announced that they have agreed to combine in a merger pursuant to which Westgold will acquire 100% of the issued and outstanding common shares of Karora by way of a statutory plan of arrangement under the Canada Business Corporations Act (“Transaction”). The Transaction, which is due to complete 1 August 2024, represents a transformational step change in growth for both Westgold and Karora shareholders. It creates a well-funded, globally investable, mid-tier gold producer operating exclusively in Western Australia which is fully leveraged to the prevailing gold price. The combination represents a highly complementary merger of cash generating mining and processing assets, people and balance sheet. For more information on the Transaction, please refer to ASX release titled “A New 400kozpa Australian Gold Producer” – 8 April 2024. Environmental, Social and Governance (ESG) The Westgold Sustainability Committee (Board Sub-committee) approved Westgold’s ESG Framework for implementation, fully supporting the Company’s growth ambitions, systems development, continuous improvement strategies and adoption of sustainable practices. ■ Our People, Safety, Health, the Environment and Community Westgold continued improvement key ‘People’ metrics in Q4 FY24. Employee turnover continues to decrease quarter on quarter following improvements to the Company’s employee benefits programmes in Q2 FY24, while Indigenous employment and new-starters increased over the same period. Westgold is committed to attracting and retaining talent with a renewed focus on improving our recruitment and leadership training processes. 1 Refer to ASX announcement titled “Q3, FY24 Production Update” – 3 April 2024 June 2024 Quarterly Report 4 Safety performance continued to improve, with TRIFR for the quarter of 6.85 injuries per million hours worked, representing a reduction of 6.20% quarter on quarter and 18% for the full year. High Potential Event frequency increased marginally, and Lost Time Injuries reduced for the quarter. The Company’s Significant Psychosocial Harm Events and Significant Environmental Incident Frequency Rates remained at 0.00 with no events reported for the period. 20 18.44 18% reduction in TRIFR in FY24 14.36 9 15 9.03 6 8.37 8.82 7.75 10 7.30 6.85 3 0 5 0.86 0.60 Q1 FY23 Q2 FY23 0.00 Q3 FY23 Recordable Injuries 0.64 0.98 0.97 0.63 0.62 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 12 Month LTIFR 12 Month rolling Injury Frequency Rate (injuries/million hours worked) Total Recordable Injury (TRI) count 12 0 12 Month TRIFR Figure 3: Westgold continues to improve its TRIFR, which in Q4, FY24 dropped to 6.85 /million hours worked During the quarter, senior Westgold Leaders coordinated and attended Community Engagement meetings at Cue and Meekatharra, with the primary objective of increasing our engagement through open and transparent communications. Westgold has committed to continuing these Community Engagement meetings on a biannual basis. Community Engagement Session – Cue June 2024 Quarterly Report 5 Westgold had the pleasure of hosting 30 scholars and 8 educators from the remote Karalundi College at our Canning Vale Training Centre. Karalundi College is a year 7-10 co-educational boarding school for Aboriginal students located 60km north of Meekatharra and forms part of the Westgold local community. Karalundi College Students at Canning Vale Training Centre June 2024 Quarterly Report 6 Group Performance Metrics Westgold’s quarterly physical and financial outputs for Q4 FY24 are summarised in Table 2 below. The Group operates across the Murchison and Bryah regions of Western Australia with the Murchison Operations incorporating three underground mines (Big Bell, Fender and Bluebird) and two processing hubs (Tuckabianna and Bluebird) between Cue and Meekatharra. The Bryah Operation is 160km by road from Meekatharra and incorporates the Starlight underground mine and the Fortnum processing hub. Table 2: Westgold Q4 FY24 Performance Murchison Bryah Group Jun Qtr Jun Qtr Jun Qtr FY24 FY24 FY24 Group FY24 Physical Summary Units ROM - UG Ore Mined UG Grade Mined Ore Processed Head Grade Recovery Gold Produced Gold Sold Achieved Gold Price t g/t t g/t % oz oz A$/oz 490,188 2.3 672,190 1.8 88 33,893 39,896 3,493 148,628 3.9 190,699 3.2 96 18,902 18,679 3,493 638,816 2.7 862,889 2.1 89 52,795 58,575 3,493 2,443,136 2.7 3,481,765 2.3 89 227,237 227,691 3,135 Cost Summary Mining Processing Admin Stockpile Movements Royalties Cash Cost (produced oz) Corporate Costs Sustaining Capital All-in Sustaining Costs A$/oz A$/oz A$/oz A$/oz A$/oz A$/oz A$/oz A$/oz A$/oz 817 764 194 59 99 1,933 35 459 2,427 556 453 103 (239) 90 963 47 338 1,348 723 653 162 (48) 96 1,586 39 416 2,041 904 580 134 79 94 1,791 45 328 2,164 118 66 184 712 (82) 36 (44) (13) (7) (28) (25) 41 (7) (1) (1) 32 (108) 77 (51) (13) (8) 5 (492) 221 (125) (32) (25) 39 Notional Cashflow Summary Notional Revenue (produced oz) All-in Sustaining Costs Mine Operating Cashflow Growth Capital Plant and Equipment Exploration Spend Net Mine Cashflow June 2024 Quarterly Report A$ M A$ M A$ M A$ M A$ M A$ M A$ M 7 Operations Overview Q4 FY24 Group Performance Westgold processed 862,889t (Q3 FY24 – 865,720t) of ore in total at an average grade of 2.1g/t Au (Q3 FY24 – 2.1g/t Au), producing 52,795oz of gold (Q3 FY24 – 52,100oz). Gold production was slightly higher than the previous quarter predominantly due to exceptional results from Starlight. Group AISC in Q4 FY24 decreased quarter on quarter to $108M (Q3 FY24 - $130M). The $22M decrease was driven predominantly by the stockpile build-ups at Starlight and Big Bell in addition to the cessation of mining at Paddy’s Flat, with the mine transitioning to an exploration phase in March. For Q4 FY24 on a mine by mine basis: ■ Starlight had a stellar quarter - producing 149kt of ore at 3.9g/t Au for 19koz. The large Nightfall stope planned for production early in the quarter 2 delivered to expectations and contributed to the quarter-on-quarter production improvement. With the next stope in the current level now fired and the high-grade structure having been exposed on the next two mining levels during the quarter, Nightfall is expected to continue delivering strong production results. Development is continuing to accelerate with the top down and bottom-up access to the Nightfall area which is expected to increase Nightfall mining rates. ■ Bluebird produced 96kt of ore mined at 3.6g/t Au for 11koz - improvements in mine dilution have continued to have positive outcomes, however production was slightly down on the previous quarter as the mine will now transition the plan to the large bulk mining areas in South-Junction over the coming half. This will allow a re-optimisation of the Bluebird mining areas and materially increase outputs. ■ Big Bell produced 319kt of ore mined at 1.9g/t Au for 19koz, a record output on tonnes - ore tonnes mined were higher than the previous quarter and mined grades were in line with the prior quarter as mining continued to focus on the lower grade southern side of the cave. The next level, the 710 commenced during the quarter, which allowed the North side to re-start, albeit at comparatively low mining rates. Decline development for Big Bell Deeps (the long hole open stoping mine) continues with production anticipated to commence in late H1 FY25. Paste infrastructure works are well advanced with surface holes completed, paste plant supply and install contract executed and underground infrastructure works progressing. ■ Fender delivered 74kt of ore at 2.3g/t Au for 6koz – the ramp up has continued with the mine now at steady state and commercial production achieved on 1 July. ■ Great Fingall Development Project - is well progressed with the decline advancing ahead of schedule. The initial drilling supporting early access to mineralisation in the shallower portions of the mine were completed during the quarter. 2 Refer to ASX announcement titled “March 2024 Quarterly Report”, dated 24 April 2024 June 2024 Quarterly Report 8 Table 3: Q4 FY24 Processing Physicals ■ Murchison Ore Milled (‘000 t) Head Grade (g/t) Recovery (%) Q4 Gold Production (Oz) Bluebird 98 3.56 93 10,466 Fender 58 2.44 86 3,906 Open Pit & Low Grade 3 210 0.73 84 4,134 Bluebird Hub 366 1.76 89 18,506 Big Bell 276 1.95 86 14,864 Open Pit & Low Grade 30 0.64 76 524 Tuckabianna Hub 306 1.82 86 15,388 Bryah Ore Milled (‘000 t) Head Grade (g/t) Recovery (%) Q3 Gold Production (Oz) Starlight 135 4.13 96 16,693 Open Pit & Low Grade 56 1.32 96 2,209 Fortnum Hub 191 3.2 96 18,902 Group Total – 3 Hubs 863 2.1 89 52,795 Exploration and studies Westgold continued to invest in drilling with up to thirteen underground and surface drill rigs operating across the business during the quarter, along with purchasing a further six new machines to increase overall drilling capacity. The Exploration team’s focus remains the extension of mine planning horizons in the four key operating mines and the definition of opportunities in the shallow, upper areas of Great Fingall. Westgold has extensive organic growth opportunities. Optimisation studies continue on previously paused assets, along with work on other near mine opportunities in the existing mines. A shallow mining opportunity in the upper areas of Great Fingall that has the potential to be accessed without impacting the decline advance to the virgin ore at depth. ■ Operating Costs The June quarter saw the Group AISC decrease (Q4 FY24 $108M vs Q3 FY24 $130M), driven by: o 3 Stockpile build-up (non-cash) - Build-up of ~19kt of high-grade stockpiles at Starlight due to Fortnum processing hub blending high grade ore with low grade stockpiles to maintain recoveries and Big Bell building ~64kt mined ore stockpiles due to rain intermittently impacting the ability to haul to the Bluebird processing hub. This conversely resulted in stockpile drawdowns with higher consumption of open pit and low-grade stockpiles at the Bluebird processing hub. Overall, across the Group there was a net build-up of stockpiles (Q4 FY24 $2.5M build-up vs Q3 FY24 $10.1M drawdown). Includes low grade ore mined at Big Bell and trucked to Bluebird June 2024 Quarterly Report 9 o Mining costs decreases - cessation of mining at Paddy’s Flat in Q3 with ~$8M in associated mining costs not incurred in Q4. 80 75 70 2,619 2,183 2,097 1,861 65 1,790 60 55 2,309 45 41 40 42 38 2,209 40 2,342 2,370 1,842 40 45 0 42 40 Apr 23 May 23 Jun 23 Jul 23 Aug 23 Sep 23 Oct 23 38 AISC ($M) Nov Dec 23 23 Jan 24 2,000 1,500 50 35 0 2,500 1,983 1,947 48 42 2,490 2,230 1,427 50 3,000 Feb 24 Mar 24 35 35 Apr 24 May 24 38 -500 -1,000 Jun 24 -1,500 AISC/oz ($/oz) Figure 4: Westgold Monthly AISC ($’m) & ($/oz) ■ Capital Expenditure Capital expenditure during Q4 FY24 of $64M was higher than the prior quarter (Q3 FY24, $34M) due to: o acceleration of the Great Fingall development and Big Bell expansion - including paste plant infrastructure along with development of all infrastructure drives underground; o delayed commercial production of the Fender underground mine to 1 July 2024 - following early delays with power infrastructure and flooding; o accelerated expansion of the existing underground mines – including Bluebird (early works expansion activities on the ventilation systems, development of drill platforms and access for the South Junction lodes) and Starlight (additional jumbo for the expansion at the Nightfall lode); and o processing facilities upgrades - tailings storage facilities, girth gears, CIL tanks and agitators) and; o camp infrastructure improvements - camp expansion at Big Bell and construction of recreational facilities. Exploration and resource development spend was approximately $8M for the quarter (Q3 FY24 - $6M), resulting in the full year spend totalling $25M as per the FY24 exploration expenditure guidance. Westgold continues to invest in exploration with up to 13 underground and surface drill rigs operating across the business during the quarter. June 2024 Quarterly Report 10 Bryah Operation Westgold’s Bryah Operation is underpinned by the Starlight underground mine supplying ore to the Fortnum processing hub. Fortnum throughput is also supplemented with previously mined regional open pit ore and surface stocks (see Figure 5). Figure 5: Westgold’s Bryah Operation The Bryah Operations produced 18,902oz in Q4 FY24 (Q3 FY24 – 12,960oz) at an AISC of $1,348/oz (Q3 – $2,254/oz). Figure 6 below summarises the key outputs and costs by quarter at the Bryah Operation. June 2024 Quarterly Report 11 2,500 2,271 2,256 44,000 2,254 2,000 1,804 1,500 1,348 1,000 500 18,902 15,866 13,212 33,000 22,000 12,960 11,025 11,000 0 -500 Q4 FY23 Q1 FY24 Q2 FY24 Production (oz) Q3 FY24 Q4 FY24 0 AISC/oz ($/oz) Figure 6: Bryah Gold Production and AISC ■ Fortnum Processing Hub Fortnum processed 190,699t of ore (Q3 FY24 – 185,842t) at a grade of 3.2g/t Au (Q3 FY24 – 2.3g/t) and 96% metallurgical recovery, resulting in 18,902oz of gold being produced (Q3 FY24 – 12,960oz). Increased feed grade, as a result of increased ore from Nightfall drove the substantial increase in quarter-on-quarter gold production. The replacement pebble crusher installation will occur during July, with commissioning to occur early August is anticipated to increase throughput rates at the mill. ■ Starlight Underground The mine produced 148,628t (Q3 FY24 – 140,315t) of ore at a grade of 3.9g/t Au (Q3 FY24 – 2.6g/t) for 18.8koz mined (Q3 FY24 – 11.7koz). As previously flagged4, a large Nightfall stope mined this quarter delivered a substantial production uplift, driving the strong quarter on quarter production improvement. This system continues along the current mining level and, during the quarter, the high-grade structure was exposed on the next two levels in the mine. Development has accelerated, with the top down and bottom-up access to the Nightfall area to enable increased mining rates from these very high grade zones. ■ Near Mine Exploration and Development The significant investment Westgold has made in drilling at Starlight over the last eighteen months has delivered a significant increase in Mineral Resources 5. A total Mineral Resources Estimate for Starlight of 590koz post mining depletion has been reported, representing an increase of 41% on the end of FY23 reported Mineral Resource Estimate 6. 4 Refer to ASX announcement titled “March 2024 Quarterly Report”, dated 24 April 2024 5 Refer to ASX announcement titled “Starlight Mineral Resource increases by 41%”, dated 11 June 2024 6 Refer to ASX announcement titled “Westgold 2023 Mineral Resource and Ore Reserves”, dated 11 September 2023 June 2024 Quarterly Report 12 Encouraged by this excellent outcome, Westgold has maintained the pace of drilling actives with three rigs continuing to work underground at Starlight. These rigs are focused on defining near-term extensions to the prolific Nightfall area of the mine which is underpinning the continued outperformance of Starlight versus budget expectations, as well as outlining longer term opportunities in the Waterbore area. Results such as 9.95m at 10.8g/t Au from 69m in NF1140GC127 and 19.21m at 6.1g/t Au from 66m NF1140GC129 at Nightfall and the previously announced 6.46m at 17.2 g/t Au from 136.5m in WB1270RD02 and 2.2m at 27.35 g/t Au from 72.4m in WB1270RD17 at Waterbore 7 demonstrate Westgold’s ability to simultaneously achieve effective and efficient production outcomes and Mineral Resource growth. Figure 7: Starlight schematic long-section showing significant intersections. Refer to Appendix A for details of significant drilling results from Fortnum. 7 Refer to ASX announcement titled “Starlight Mineral Resource increases by 41%”, dated 11 June 2024 June 2024 Quarterly Report 13 Murchison Operations The Murchison Operations comprise of three operating underground mines (Big Bell, Bluebird and Fender), one mine in development (Great Fingall) and two existing processing hubs (the 1.6-1.8Mtpa Bluebird plant at Meekatharra and the 1.4Mtpa Tuckabianna plant near Cue). The combined Murchison Operations produced 33,893oz (Q3 FY24 – 39,140oz) at an AISC of $2,427/oz (Q3 FY24 – $2,569/oz). The lower production compared to the prior quarter (see Figure 8) is due to the lack of Paddy’s Flat in the blend. In addition, processing was impacted by ongoing persistent rains later in the quarter limiting the ability to replenish depleted mill ROMs. Though mill ROMs were low at the end of the quarter, ~64kt of mined ore was built on the Big Bell mine ROMs for haulage in Q1 FY25. 3,000 2,500 2,000 1,500 1,000 500 0 -500 -1,000 -1,500 -2,000 -2,500 -3,000 2,569 1,662 1,867 2,427 2,407 100,000 90,000 80,000 70,000 55,165 60,000 52,080 43,372 39,140 50,000 33,893 40,000 30,000 20,000 10,000 Q4 FY23 Q1 FY24 Q2 FY24 Production (oz) Q3 FY24 Q4 FY24 0 AISC/oz ($/oz) Figure 8: Murchison Gold Production and AISC Meekatharra The Bluebird processing hub treats ore from the Bluebird, Fender and Big Bell underground mines, plus various surface stockpiles in the region (refer Figure 9). ■ Bluebird Processing Hub The Bluebird processing hub produced 18,506oz (Q3 FY24 – 23,002oz) by processing 365,763t of ore (Q3 FY24 – 357,955). The replacement of Paddy’s Flat ore with lower grade Fender ore, along with increased proportions of very low grade regional stockpiles, impacted mill feed grades in Q4 (1.8g/t Au vs Q3 FY24 2.2g/t). Rain and subsequent road closures impacted the ability to replenish the depleted ROMs from the previous quarter, reducing milling rates during each rain event. Recovery was steady at 89%. June 2024 Quarterly Report 14 Figure 9: Murchison Operations ■ Bluebird Underground The Bluebird mine produced 95,939t at 3.55g/t Au for the quarter, with ore production and grade marginally lower quarter on quarter (Q3 FY24 – 103,207t, 3.9g/t). As highlighted in the March quarter, changes to mining controls have significantly improved dilution in the stopes, albeit at the cost of reduced mining rates. Focus now is to opening more working areas in Bluebird, along with accelerating mining into the bulk South Junction ore system, readily accessible off existing level access drives and infrastructure. June 2024 Quarterly Report 15 ■ Bluebird Near Mine Exploration and Development Westgold’s significant investment in drilling at Bluebird – South Junction continues with multiple rigs active on both surface and underground extending the footprint of this +2Moz system 8. Better results returned from the underground drilling fleet this quarter include 31.37m at 5.55g/t Au from 122m and 15.5m at 4.62g/t Au from 158m in 24BLDD064, 18.9m at 3.65g/t Au from 293m in 24BLDD066 and 9.25m at 3.79g/t Au from 122m in 24BLDD095. Mine planning works for the first in a series of large South Junction open stopes have been completed, with development having advanced into this zone at the end of the quarter. Along with the ongoing focus on expanding the footprint of Bluebird - South Junction system, the technical team is advancing backfill studies for the mine to ensure that Westgold can extract maximum value from this rapidly expanding high-grade system. Figure 10: Bluebird schematic long-section showing significant intersections. Refer to Appendix B for details of significant drilling results from Meekatharra. 8 Refer to ASX announcement titled “Bluebird-South Junction Increases to 6.4Mt at 3.1 gpt Au”, dated 16 April 2024 June 2024 Quarterly Report 16 Cue Westgold’s Tuckabianna processing hub treats ore from the Big Bell underground mine at Cue, supplemented with regional open pit ore and surface stocks. ■ Tuckabianna Processing Hub The Tuckabianna processing hub produced 15,388oz of gold in Q4 FY24 (Q3 FY24 – 16,138oz). The hub processed 306,427t of ore (Q3 FY24 – 321,923t) at a grade of 1.8 g/t Au (Q3 FY24 – 1.8g/t) and recovery of 86% (Q3 FY24 – 86%), in line with the prior quarter. Access to higher grade ore was at times restricted by persistent rains preventing stockpiles being built at the mill, ultimately restricting mill throughput late in the quarter. The mill ROM was low at end of the quarter, however, ~64kt of mined ore has been built at the mine ROM at Big Bell, ready for haulage to the mill. Big Bell Underground The Big Bell mine produced 318,872t at 1.9 g/t Au for the quarter, a record tonnage output. Production rates significantly up and grades slightly lower in Q4 FY24 (Q3 FY24 – 253,058t at 2.04g/t Au). Production rates were up with the effect efficiency improvements implemented at Big Bell. The marginally lower grades were in line with expectation whilst mining predominantly from the lower grade south side of the cave. The next level of the cave commenced late in the quarter and will allow mining on the Northern cave fronts to recommence, albeit at a very low percentage of the mined material overall. Development of the deeps is progressing, with access to the first stoping level underway. Surface paste holes have been completed, contract for the supply and installation of the paste plant has been executed and underground infrastructure works are well advanced. ■ Fender Underground The Fender underground mine delivered 74,407t at 2.3 g/t Au for the quarter. Fender production has now reached steady state and commercial production levels achieved. ■ Great Fingall Development Project The Great Fingall decline has continued to progress well, with decline advance rates continuing to exceed assumptions in the feasibility study. Phase one of the primary ventilation circuit has been completed with initial fans installed on the first large diameter vent raise. Dewatering of the Great Fingall and Golden Crown workings is underway in preparation for development under the historic workings, expected to commence in H2 FY25. June 2024 Quarterly Report 17 ■ Cue Near Mine Exploration and Development At Big Bell, Westgold continues to progress the establishment of paste plant infrastructure to support the commencement of the Big Bell Expansion Longhole Open Stope (LHOS) mine. During the quarter the surface paste delivery holes were completed and are now being equipped, and focus has turned to the establishment of the underground component of the paste delivery network. Resource drilling at Big Bell is ongoing and continues to extend and optimise the mine plan. Better results from this work include 10.9m at 3.81g/t Au from 143m in 24BBDD0026 in the Little Bell area of the mine which